Egyptian businessman Medhat Khalil loses $3 million from Raya Holdings stake in just 11 days

Medhat Khalil, the founder and chairman of Raya Holding, one of Egypt’s prominent investment conglomerates, has witnessed a notable decline in the market value of his stake amidst recent fluctuations in the group’s share price on the Egyptian Exchange.

Data tracked by Billionaire.Africa indicates that the market value of Khalil’s stake in Raya Holding has decreased by EGP142.03 million ($3.02million) over the past 11 days, amidst sustained selling pressures in the shares of the leading group on the Egyptian Exchange.

This recent loss adds to a trend of setbacks, with Khalil experiencing an $8.6-million decline in his stake in Raya Holding between March 26 and April 29, when his stake plunged from EGP1.9 billion ($39.6 million) to EGP1.48 billion ($30.94 million).

Raya Holding’s shares drop 10.39 percent

Established in 1999 through a merger between entities owned by Khalil and Orascom Group, Raya Holding plays a crucial role in Egypt’s investment landscape. Khalil currently holds an 18.37-percent stake in Raya Holding, totaling 383,851,916.40 shares.

Since May 2, Raya Holding’s share price on the Egyptian Exchange has witnessed a 10.39-percent decline, falling from EGP3.56 ($0.076) to EGP 3.19 ($0.068). This decrease has pushed the company’s market capitalization below $146 million, leading to losses for stakeholders, including Khalil.

Khalil’s stake in Raya Holding declines by $3.02 million

With the recent downturn in Raya Holding’s share price, the market value of Khalil’s stake has decreased by EGP142.03 million ($3.02 million) over the past 11 days, dropping from EGP 1.37 billion ($29.04 million) on May 2 to EGP 1.22 billion ($26.02 million) at the time of reporting.

Despite these short-term fluctuations, Khalil remains a key figure in the Egyptian Exchange and is recognized among the country’s wealthiest individuals